bukachino
14 Nov 2010
Real Estate / Buying a flat in Krakow; prices are still falling? [200]
This thead is funny. It reminds me of the many conversations I have had with people in Ireland over the past 6 years. I am Irish.
If a property is out of whack with wages, it is overpriced.
People in Ireland were in denial of this for years, and deluded themselves into thinking property prices 10x the average wage were the new reality. After the bubble burst they deluded themselves into thinking property prices 9.5x the average wage were the new reality. They then deluded themselves into thinking property prices 9x the average wage were the new reality. And on and on.
This has been dragging on for 3 - 4 years in Ireland and people are only beginning to wake up to the fact that the average property should be about x3 or x4 the average wage. This means a one bed apartment for 120k EUR in Krakow is total nonsense.
Poland appears to be at the point of denial. Ireland was there about two years ago. Enjoy your painful and long path to reality.
PS I like Poland and Polish people.
This thead is funny. It reminds me of the many conversations I have had with people in Ireland over the past 6 years. I am Irish.
If a property is out of whack with wages, it is overpriced.
People in Ireland were in denial of this for years, and deluded themselves into thinking property prices 10x the average wage were the new reality. After the bubble burst they deluded themselves into thinking property prices 9.5x the average wage were the new reality. They then deluded themselves into thinking property prices 9x the average wage were the new reality. And on and on.
This has been dragging on for 3 - 4 years in Ireland and people are only beginning to wake up to the fact that the average property should be about x3 or x4 the average wage. This means a one bed apartment for 120k EUR in Krakow is total nonsense.
Poland appears to be at the point of denial. Ireland was there about two years ago. Enjoy your painful and long path to reality.
PS I like Poland and Polish people.
denial.jpg